What is your "stress test" for ideas?

[Bulgano]

The title says it all.
When you think of a potential business idea, what things DO or DON'T you do to decide whether the idea is viable or not?

 

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[Raoul Duke]

How to Validate Your Business | OkDork.com


1. Is it scalable?
2. How will I acquire customers?
3. Is there recurring revenue? If not, is one sale worth A LOT?
4. Are there people currently making money doing it? If not, that's a RED flag. Competition is a good thing.

 

[Andy Black]

1) It helps people.
2) I can get paid.

 

[sparechange]

Was thinking about this yesterday, here goes. Do you solve a common pain point? Do you make someone's life better or easier? Can you sell it to one person and reach tens of thousands of people by customer word of mouth doing* 0 marketing? * also researching the market size, we only need a tiny insignificant market share to secure financial freedom. The best way though is going out and doing it and let the market accept or reject you, mj talks about this ( marketplace echo ) no idea the chapter sorry

 

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[daru]

I use CENTS from the books. Or is that just so obvious that nobody even mentions it?

 

[eliquid]

I have process it has to go through.

I might post the full process later, but I'll post some for now:

• Does anything involved with the project touch on my "DO NOT DO list"?
• What does this project, situation, and industry around it look like in 12 weeks, 12 months, and 12 years from now?
• Does it align with my core values, mission statement, and priorities?
  • Not Fulfilled? Depressed? Maybe You Need An Alignment
    
  • Podcast 9 - Core Values And Your Success
• Does it fit my personality? Based on Myers–Briggs Type Indicator, certain types fit well within certain tasks, projects, and jobs/careers.
• What will I have to stop/give up to work on this project ( time from family, another project, etc )
• Although I might not need an exit, can I easily form an exit plan around it? What does that look like?
• How much will I need to work within the project compared to outsourcing or delegating?

Once something passes the above ( plus a few more I haven't listed ), I get into what most of you are talking about in this thread when it comes to CENTS, scalable, customers, competition, etc.

I don't even worry about if I can make money in it, if it doesn't even pass my first set of tests that revolve entirely around if I am a fit for it to begin with.

Making money and being miserable is something I don't want because I have been there MANY MANY MANY MANY times.

.

 

[PureA]

I use CENTS from the books. Or is that just so obvious that nobody even mentions it?

CENTS, although bulletproof for the most part can be debilitating for beginners (it was for me). You get this idea in your mind that you need the perfect idea to get started, and thus you do a whole lot of nothing for a good while whilst you 'wait' for that idea.

It always used to wash over me but when you'd hear the advice:

"Literally start today, do something, take action, do anything"

I was like pfffft well how is washing cars/cleaning carpets/ making websites/ copywriting scalable?

But there is so much value in setting yourself in motion, momentum kicks in, the world opens up and you jump start the entrepreneurial rollercoaster.

I think there is a specific type of personality that this phenomena effects, analytical types like myself, want to read every-F*cking-thing before we do step 1.

I've learnt that sometimes you just have to close your eyes and do.

 

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[PureA]

I have process it has to go through.

I might post the full process later, but I'll post some for now:

• Does anything involved with the project touch on my "DO NOT DO list"?
• What does this project, situation, and industry around it look like in 12 weeks, 12 months, 12 years from now?
• Does it align with my core values, mission statement, and priorities?
  • Not Fulfilled? Depressed? Maybe You Need An Alignment
    
  • Podcast 9 - Core Values And Your Success
• Does it fit my personality? Based on Myers–Briggs Type Indicator, certain types fit well within certain tasks, projects, and jobs/careers.
• What will I have to stop/give up to work on this project ( time from family, another project, etc )
• How much will I need to work within the project compared to outsourcing or delegating?

Once something passes the above ( plus a few more I haven't listed ), I get into what most of you are talking about in this thread when it comes to CENTS, scalable, customers, competition, etc.

I don't even worry about if I can make money in it, if it doesn't even pass my first set of tests that revolve entirely around if I am a fit for it to begin with.

Making money and being miserable is something I don't want.

.

I LIKE. MORE MORE MORE.

 

[TonyStark]

I ask my dad.

 

[AndrewNC]

The title says it all.
When you think of a potential business idea, what things DO or DON'T you do to decide whether the idea is viable or not?

Here's a real-life example of a product I'm creating now...

One of the books I'm writing now for my publishing company is on the topic of relationships.

For the past 18 months, i've been improving this area of my life. I went from clueless and hopeless, to traveling through Europe and attracting the type of women that never would have looked at me in the past, and just got a message today from a women that she was ignoring everybody all day because she was in a bad mood, but always smiles when I message her - something that would have never happened to me in the past.

In my instance of writing books, noticing how the content of my product actually improved my life and I saw real transformations from the examples above provided the confidence that I'm onto something beneficial for the market.

On this relationship journey, I did some pretty hopeless stuff. My method of writing involves jumping feet first in, making all the mistakes, and then being self-aware enough to learn from the things that don't work.

One of the mistakes I've made in the past was being too persistent with one women I was attracted to, and unable to take a hint when she said she wasn't interested. In the past, I would chase, chase, chase and it would push her away (thinking it would pull her closer).

As I shared that story at a late-night gathering last weekend, all 3 girls at the table cringed, saying guys do that to them all the time to them. They can't take a hint...

Sending their emotions, I felt the pain the felt.

I became self-aware.

I demonstrated to the girls that:

1. I used to blindly be part of the problem - like the guys who still struggle with it.
2. I recognized the problem.
3. I now see things from their perspective, after transcending the problem.
4. And that I'm sharing my journey in a way that can help all the other guys who 'can't take a hint'.

When I send this, there was a moment, where their body language lit up and they said "Finally! Somebody understands it!" I could feel the relief that their pain point in dating might be solved (through my book that helps guys to STOP doing that).

They then went ranting on and on about how they know so many guys in their life need to hear the insights I was talking about. The guys would be more self-aware, the girls wouldn't have to deal with guys who can't take a hint...and they were relieve that I'm working on fixing the problem for them.

No sales came in.

No business criteria checked off.

But in that moment, gauging their real-life response to me talking about the product, I know for a fact that this book I'm writing is a 'product' that will be very successful because of the reactions I noticed while talking about it.

From a product standpoint, I know this book is going to be very successful.

Then, with this confidence by actually seeing people's authentic reactions, it provides me the confidence that YES - this idea is viable. Pay attention to their body language, emotions, and the level of excitement or whatever comes from people when you talk about it. The emotions are key.

This is a book I've been writing for over 18 months now, and without a single sale coming in - but I know going forward with this will pay off before any formal market research.

Then, of course comes the sales and marketing aspect of the book - which will be easy since i already know the major pain points for all people involved. But for someone who isn't experienced in sales or marketing - it's really getting that authentic positive reaction from people when you talk about your product...which will get you to the point where your product really solves their problems.

Pay attention to their emotions...

 

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